Trading Summary (April 16, 2003)

Wednesday saw the Toronto Stock Exchange, and most other world stock markets, give back part of the gains of the last two trading days. The TSX Composite index was off marginally, sliding 6.74 points to close at 6,481.44.

With six market sectors advancing, six declining, and one unchanged, there was little or no trend visible in the market sectors. The TSX Gold index was up strongly, though, rising 2.35 points to 158.23; only the information technology stocks got a better pop on Wednesday. The TSX Metals and Mining index was in positive territory as well, picking up 0.84 points and closing at 118.49.

In the gold equities, the rehabilitation of Gabriel Resources was pretty much complete as shares in the development-stage company rose 42, or almost 19%, to $2.66. Gabriel had taken a 20% hit on Monday after it got resignations from four senior executives.

Two mid-tiers made good price rebounds: Iamgold was up 27 at $6.87, while Meridian Gold picked up 63 to finish at $15.01. The most actively traded stock on the index was Eldorado Gold, which was off 3 at $1.79.

Off the index, Wheaton River Minerals was up 11 at $1.37 on a volume of 2.6 million shares, while Cambior saw 1.5 million shares change hands on the way to a close of $1.73, down a penny.

Base metal miners were led by Cameco for the second day running, as the uranium producer clawed its way back from losses earlier in the week: it rose $1.23 to $32.98. There was no further news from its MacArthur River uranium mine, where crews are fighting flooding in the mine workings.

Another good gain came in Aur Resources shares, which were up 22 at $3.88. The heaviest trading was in Inco, which was up 3 at $27.73 on a volume of 1.4 million shares.

Junior South American Gold and Copper was the most active among the TSX mining stocks Wednesday, slipping a penny to 7 on a volume of 3 million shares. It had traded 11.6 million shares on Tuesday after it announced the discovery of a new zone of gold mineralization at its Pimenton property in Chile.

Mountain Province Diamonds announced results from a desktop study on the economics of its Gahcho Kue diamond project in the Northwest Territories. Recent updates to the project’s diamond valuations leave it with a lower rate of return than in previous studies, and partner De Beers Consolidated Mines has postponed a scheduled pre-feasibility decision until next year. Mountain Province was off 42 at 67.

Canada’s junior exchange continued to drift lower with investors electing to lighten their positions ahead of further geopolitical and economic developments. The S&P-TSX Venture Exchange composite index lost 1.3 points, or 0.12% and closed at 1,036.60.

Investors continue to jockey for position ahead of further drill results from the Spider #3 base metal project in Ontario. Spider Resources ending the day flat at 13 on nearly 1 million shares traded. The junior and its joint venture partner, over-the-counter-listed KWG Resources, recently reported more sulphide mineralization from the James Bay Lowlands project.

Ontzinc lost 1 to close at 16 on 356,300 shares. The junior has been busy trying to arrange financing to move the Balmat zinc project in New York state forward.

Pan Asia Mining dropped a penny to 8 with 685,000 shares traded. The junior recently resumed trading after being issued a cease trade order in Jan. over disclosure issues. In March, the BCSC issued a partial revocation order, which would allow the shareholders with the exception of insiders and individuals with a ‘special relationship’ with the company to trade stock freely. The commission required Pan Asia to retain SRK Consulting (SRK) to perform an on-site visit at its 701 Changma diamond mine property and complete an NI 43-101 compliant technical report on or before May 30.